Builders Capital Mortgage Corp. Announces Class A Non-Voting Share Distribution
Calgary, Alberta--(Newsfile Corp. - March 19, 2020) - Builders Capital Mortgage Corp. (TSXV: BCF) (the "Company") announced today that its Board of Directors has declared a distribution of $0.1972 per Class A Non-Voting share of the Company. The distribution will be paid on April 30, 2020 to holders of Class A Non-voting shares of record on March 31, 2020.
The amount of the distribution is equivalent to approximately $0.80 per Class A Non-Voting share, or 8% on the original $10.00 issue price, per annum prorated for the 91 day period from January 1, 2020 to March 31, 2020.
This distribution is based on income earned in the period since January 1, 2020 and represents a continuation and maintenance of the distribution standard set by management since the founding of the Company. Nevertheless, management of the Company is gravely concerned with the volatility occurring in property and general financial markets occasioned by both world and local events. At this time, it cannot reliably forecast what the effects on its business will be.
In commenting on these developments, Sandy Loutitt, President, stated: "The impacts of the Coronavirus pandemic on the financial markets of the world have been unprecedented and far reaching. In particular, we are witnessing the profound effect these developments are having on the Canadian oil and gas industry. At Builders Capital, management has consistently pursued a program of conservative stewardship of investors' capital, and this approach will remain in place as we navigate through these unsettled times. We expect that the travails being experienced by some segments of the market will be countered by the creation of opportunities in other segments, and, as we have successfully done before, we will confidently pursue those opportunities while continuing to protect the capital with which the Company has been entrusted."
For further information, please contact:
John Strangway, Chief Financial Officer
Telephone: (403) 685-9888
Builders Capital Mortgage Corp.
Suite 405, 1210 - 8th Street SW
Calgary, Alberta T2R 1L3
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53615